Belfast Telegraph

Sunday 28 December 2014

Trophy home auctioned for 2.3m euro

Bidders at the Allsop Space auction, where a trophy home sold for more than two million euro
Bidders at the Allsop Space auction, where a trophy home sold for more than two million euro

A trophy house on one of Dublin's most affluent streets has fetched more than 2.3 million euro at Ireland's latest distressed property auction.

The large period red-brick at 35 Ailesbury Road sold well over its reserve of 1.45 million euro, but houses on the leafy road regularly changed hands for more than 10 million euro just a few years ago.

An anonymous telephone bidder secured the property - which is in need of complete refurbishment - after around seven minutes of bidding.

Stephen McCarthy, of estate agents Space, which co-hosted the sale with Allsop, said its second such auction showed there was a market for property if it was at the right price.

He said: "Clearly if you get people in a room and you offer something in a transparent way, that is the price today. But I wouldn't be arrogant enough to think that that is the bottom (of the market). We're all hopeful it is but I have no idea."

Just five of the 83 lots that went under the hammer at Dublin's Shelbourne Hotel - both residential and commercial - were pulled from the sale because they did not reach the reserve or over legal issues.

Organisers said more than 800 people turned out, with telephone bidders from Dubai, Hong Kong, Singapore, Switzerland, Australia, France and London.

Most of the lots exceeded their reserve, including a detached coastal house in Schull, Co Cork, which, along with an adjoining mews dwelling, sold for more than twice its starting bid of 270,000 euro at 560,000 euro.

The prices reached suggested reserves were set too low, although a red-brick house on the prime Villiers Road in Rathgar, Dublin 6, sold for 45,000 euro less than its reserve at 450,000 euro. The property has been divided into five self-contained flats.

The majority of bidders were cash buyers looking for an investment but some were looking to secure a bargain family home or first-time property.

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